The First Coin Account is aimed at children who have not reached their 13th birthday. The main objective of the account is to serve as a medium to long term savings proposition.
The account is a ‘deposit only’ account, held in the name of the child (the account holder)
No withdrawals are permitted
Interest is paid annually and credited to the account at the end of each year
The minimum balance on the account is of €25
The account can be opened by any one parent or both parents, grandparents, legal guardian or any other close relative (uncle or aunt), hereinafter being referred to as the administrator of the account
Free ‘life assurance’ on the life of the administrator will be provided (for more details please refer to the 'Other Terms and Conditions' section below)
  
On opening of the account, the child will automatically become a member of the 'First Coin' Club and will therefore be entitled to any benefits given to members of this Club
Account transfers can effected through the Bank's 365 Online internet banking service, and deposits through the Branch/ATM network
Other Terms and Conditions |
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Birth certificate of child and ID card of the administrator to be presented when opening the account
Final withholding tax is deducted on interest earned
Upon the child turning 13 years old, no withdrawals are permitted and the funds accumulated by then on the First Coin Account are automatically transferred to a Teen Plus Savings Account
The beneficiary of the 'life assurance' cover will be the child
The Bank will double the average balance on the account in the twelve months preceding the demise of the administrator (capped at a maximum of €12,000). 'Life assurance' will be valid until the account is closed or the administrator reaches the age of 55, whichever is the earlier (certain conditions apply)
The Bank should be formally notified within six months of the demise, including a formal certification of death, of the administrator
Any 'life assurance' proceeds will be paid into the account of the child
The Bank reserves the right to amend these Terms and Conditions
TEACH the child about the value of money |
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Children need to know that money should be seen within a spending, saving and sharing context. To this purpose a free money box will be given to the child upon opening a new First Coin Account. The money box is divided in three separate unassembled parts which the child can enjoy building whilst at the same time learning how to SAVE, SHARE and SPEND.
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